By Avi Salzman

Goldman Sachs surveyed 2,000 U.S. consumers about their spending habits, and found that they have become particularly price sensitive when it comes to dining out.

“Restaurants are the discretionary category that consumers indicated they are most likely to pull back on, which may explain the recent softness in Restaurant same-store sales relative to other discretionary areas. Furthermore, the number of consumers listing price as the top reason they choose one restaurant over another reached a new high.”

Goldman analysts say that the major pizza chains are performing well in customer surveys, which coincides with improvements in market share.

“One of the key findings is the broad strength of the three Pizza majors (Pizza Hut of Yum Brands (YUM), Domino’s (DPZ) and Papa John’s (PZZA)). Each has seen consistent increases in their scores over the past two years, a period in which their SSS have outpaced Quick Service Restaurant and their combined market share has taken a step up.”

Chipotle Mexican Grill (CMG), however, appears to have taken a step back in consumer surveys. That dovetails with recent comments by investor David Einhorn, who advised investors to sell Chipotle on concerns that cost-conscious consumers will instead choose Taco Bell, also owned by Yum Brands. The brand score decline may be a statistical anomaly but it does seem to confirm other data, say the Goldman analysts.

“We see the reason for the drop as unclear, and while it is consistent across all demographics , given the lack of a driver, we think this may at least in part be a statistical anomaly. This said, we are not entirely dismissive, as this fall-off in brand score did coincide with a meaningful change in the company’s SSS trajectory. SSS are still in the mid-single-digit range, which is quite healthy; however, the delta between CMG’s SSS and the broader QSR industry’s SSS is now at a lower level than at the height of the financial crisis.”

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Earnings reports, corporate strategies and analyst insights are all part of what moves stocks, and they’re all covered by the Stocks to Watch blog. We also look at macro issues, investor sentiments and hidden trends that are affecting the market. Stocks to Watch gives you the full picture of the U.S. stock markets, all day long.

The blog is written by Ben Levisohn, a former stock trader who has covered financial markets for the Wall Street Journal, Bloomberg and BusinessWeek.